Title
Resolution No. 17-10, Supporting the Termination of a (401)(a) Money Purchase Plan with ICMA - Retirement Corporation
Body
RECOMMENDED ACTION (Motion):
Staff recommends that the City Commission approve Resolution 17-10 and terminate the 401a Money Purchase Plan with ICMA-Retirement Corporation (ICMA-RC), which will save the City $500 per year in Plan administration fees.
BACKGROUND:
The ICMA-RC 401a Money Purchase Plan was established per a former City Manager employment agreement. That employee is no longer with the City, no other employee participates in the ICMA-RC 401a and the Plan is effectively inactive. ICMA-RC charges the City $500 per year to administer the 401a Plan. Terminating an inactive Plan is a reasonable course of action.
BUDGET IMPACT:
Amount: ($500) per year savings
FY(s): NA
Funding Source: General Fund